Prepare the company’s Post-Closing Trial Balance as at December 31, 2021

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Prepare the company’s Post-Closing Trial Balance as at December 31, 2021

ACCOUNT NAME
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Receivable from Highest Bidder
Inventories
Store Supplies
Office Supplies
Store Furniture and Fixtures
Accumulated Depreciation - Store Furniture and Fixtures
Office Equipment
Accumulated Depreciation - Office Equipment
Accounts Payable
Salaries Payable
Unearned Sales
Cash Dividends Payable - Preference
Cash Dividends Payable - Ordinary
12% Preference Share Capital
Subscribed Share Capital - Preference
Subscriptions Receivable - Preference
Ordinary Share Capital
Subscribed Share Capital - Ordinary
Subscriptions Receivable - Ordinary
Share Premium - Preference
Share Premium - Ordinary
Share Premium - Treasury Shares
Accumulated Profits - Free
Accumulated Profits - Appropriated for Treasury Shares
Treasury Shares - Ordinary
Sales
Purchases
Store Salaries Expense
Store Supplies Expense
Depreciation Expense - Store Furniture and Fixtures
Miscellaneous Distribution Costs
Office Salaries Expense
Utilities Expense
Rent Expense
Office Supplies Expense
Depreciation Expense - Office Equipment
Doubtful Accounts Expense
Miscellaneous Administrative Expenses
Income Summary
Totals
P
TRIAL BALANCE
DR
1,164,000
480,000
280,000
36,000
42,000
550,000
450,000
60,000
200,000
336,000
3,110,000
560,000
22,000
660,000
540,000
360,000
38,000
P
CR
582,000
128,000
240,000
120,000
1,200,000
400,000
100,000
120.000
5,990,000
D 8,888,000 P 8,888,000
P
D
P
ADJUSTMENTS
DR
318,000
32,000
40,000
30,000
24,000
88,000
29,400
45,000
38,400
20,000
664,800
CR
38,400
20,000
24,000
29,400
88,000
45,000
30,000
40,000
48,000
18,000
252,000
32,000
D 664,800
P
P
P
ADJUSTED
TRIAL BALANCE
DR
1,482,000
480,000
260,000
12,000
12,600
550,000
450,000
60,000
152,000
84,000
3,110,000
590,000
24,000
88,000
22,000
660,000
540,000
360,000
29,400
45,000
38,400
38,000
20,000
9,107,400
P
CR
38,400
88.000
45,000
582,000
30,000
96,000
240,000
120,000
1,240,000
360,000
100,000
120,000
18,000
6,030,000
D 9,107,400 P
P
。
STATEMENT OF
PROFIT & LOSS
DR
3,110,000
590,000
CR
6,030,000
P
STATEMENT OF
FINANCIAL POSITION
DR
CR
1,482,000
480,000
260,000
12,000
12,600
550,000
450,000
60,000
152,000
84,000
。
24,000
88,000
22,000
660,000
540,000
360,000
29,400
45,000
38,400
38,000
20,000
5,564,800 P 6,030,000 P 3,542,600 P
38,400
88,000
45,000
582,000
30,000
96,000
240,000
120,000
1,240,000
360,000
100,000
120,000
18,000
3,077,400
P 465.200
465,200
6,030,000 P 6,030,000 P 3,542,600 P 3,542,600
Transcribed Image Text:ACCOUNT NAME Cash Accounts Receivable Allowance for Doubtful Accounts Receivable from Highest Bidder Inventories Store Supplies Office Supplies Store Furniture and Fixtures Accumulated Depreciation - Store Furniture and Fixtures Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Salaries Payable Unearned Sales Cash Dividends Payable - Preference Cash Dividends Payable - Ordinary 12% Preference Share Capital Subscribed Share Capital - Preference Subscriptions Receivable - Preference Ordinary Share Capital Subscribed Share Capital - Ordinary Subscriptions Receivable - Ordinary Share Premium - Preference Share Premium - Ordinary Share Premium - Treasury Shares Accumulated Profits - Free Accumulated Profits - Appropriated for Treasury Shares Treasury Shares - Ordinary Sales Purchases Store Salaries Expense Store Supplies Expense Depreciation Expense - Store Furniture and Fixtures Miscellaneous Distribution Costs Office Salaries Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense - Office Equipment Doubtful Accounts Expense Miscellaneous Administrative Expenses Income Summary Totals P TRIAL BALANCE DR 1,164,000 480,000 280,000 36,000 42,000 550,000 450,000 60,000 200,000 336,000 3,110,000 560,000 22,000 660,000 540,000 360,000 38,000 P CR 582,000 128,000 240,000 120,000 1,200,000 400,000 100,000 120.000 5,990,000 D 8,888,000 P 8,888,000 P D P ADJUSTMENTS DR 318,000 32,000 40,000 30,000 24,000 88,000 29,400 45,000 38,400 20,000 664,800 CR 38,400 20,000 24,000 29,400 88,000 45,000 30,000 40,000 48,000 18,000 252,000 32,000 D 664,800 P P P ADJUSTED TRIAL BALANCE DR 1,482,000 480,000 260,000 12,000 12,600 550,000 450,000 60,000 152,000 84,000 3,110,000 590,000 24,000 88,000 22,000 660,000 540,000 360,000 29,400 45,000 38,400 38,000 20,000 9,107,400 P CR 38,400 88.000 45,000 582,000 30,000 96,000 240,000 120,000 1,240,000 360,000 100,000 120,000 18,000 6,030,000 D 9,107,400 P P 。 STATEMENT OF PROFIT & LOSS DR 3,110,000 590,000 CR 6,030,000 P STATEMENT OF FINANCIAL POSITION DR CR 1,482,000 480,000 260,000 12,000 12,600 550,000 450,000 60,000 152,000 84,000 。 24,000 88,000 22,000 660,000 540,000 360,000 29,400 45,000 38,400 38,000 20,000 5,564,800 P 6,030,000 P 3,542,600 P 38,400 88,000 45,000 582,000 30,000 96,000 240,000 120,000 1,240,000 360,000 100,000 120,000 18,000 3,077,400 P 465.200 465,200 6,030,000 P 6,030,000 P 3,542,600 P 3,542,600
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education